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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: Doug Chrisner. US automakers have been exempted from newly imposed

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Speaker 1: tariffs on Mexico and Canada for one month. White House

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Speaker 1: Press Secretary Caroline Levitt said the President made the move

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Speaker 1: so automakers are not at an economic disadvantage. We are

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Speaker 1: told the industry pleaded for a reprieve so it would

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Speaker 1: have time to come up with plans to move more

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Speaker 1: investment and production back to the US. Now, despite the

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Speaker 1: delay on auto levies, Commerce Secretary Howard Lutnik says reciprocal

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Speaker 1: tariffs still will take effect as soon as April second.

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Speaker 1: Here's Lutnik speaking earlier to Bloomberg.

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Speaker 2: April second, we begin our reciprocity model, which is how

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Speaker 2: you treat us as how we treat you, and that

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Speaker 2: is going to be part of his tarrat policy. And

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Speaker 2: then he's got industries, autos, semiconductors, pharmaceuticals, steel and aluminum,

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Speaker 2: and copper lumber. These issues need to come home.

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Speaker 1: That is Commerce Secretary Howard Lutnik speaking. Meantime, we heard

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Speaker 1: today from Mexico's President Claudia Shinbaum. She said Lutnik is

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Speaker 1: looking for an agreement, but the final decision will depend

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Speaker 1: on President Trump. Speaking at her daily press briefing earlier,

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Speaker 1: Shinbaum said, quote, let's see what happens with the tariffs

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Speaker 1: from now until Sunday. You see Sunday as the day

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Speaker 1: when Mexico is expected to announce its response to those

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Speaker 1: US tariffs. Shinbaum did say that Mexico may seek other

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Speaker 1: trading partners if tariffs remain in place. President Trump is

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Speaker 1: set to meet with the CEOs of major tech companies

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Speaker 1: early next week. This will include HP, Intel, IBM, and Caalcom.

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Speaker 1: We are told the aim of the meeting is to

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Speaker 1: discuss trade policy as well as US manufacturing. The Commerce

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Speaker 1: Department will tap former Morgan Stanley banker Michael Grimes to

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Speaker 1: lead a planned US sovereign wealth fund. That's according to

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Speaker 1: Bloomberg sources. Now the idea of a fund is still

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Speaker 1: in its early stages. This would be part of a

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Speaker 1: public private collaboration to open up large scale institutiontional investment options.

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Speaker 1: President Trump has said he wants the US to have

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Speaker 1: a stake in projects he considers critical to national security.

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Speaker 1: A federal appeals court has cleared the way for the

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Speaker 1: President to temporarily fire the head of the Office of

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Speaker 1: Special Council, Hampton Dellinger. Dellinger was fired last month without explanation.

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Speaker 1: Now the appeals court ruling overrides a lower court's decision

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Speaker 1: that Dellinger's firing was unlawful, So now the President is

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Speaker 1: allowed to remove Dellinger from his position, pending appeal. Ultimately,

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Speaker 1: this case may be decided by the US Supreme Court.

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Speaker 1: In Washington, Republican senators told Elon Musk that he needs

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Speaker 1: Congressional approval for his cost cutting plans or they risk

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Speaker 1: being overturned in court. More from Bloomberg's Amy Morris.

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Speaker 3: In Washington, senators suggested Elon Musk send a package of

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Speaker 3: cuts to Congress for approval through a process that requires

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Speaker 3: only a simple majority in both chambers. Republican Senator Lindsey Graham.

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Speaker 1: I want to fix it quickly, so what he said,

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Speaker 1: I want to keep the momentum, but from a political

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Speaker 1: point of view, we.

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Speaker 4: Need to take the work product of those and put

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Speaker 4: it in a recision package.

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Speaker 3: Now, Musk met with Republican senators and is said to

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Speaker 3: meet with House Republicans, but any effort to formalize the

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Speaker 3: cuts will likely come after a March fourteenth government funding

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Speaker 3: deadline in Washington. Amy Morris Bloomberg Radio.

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Speaker 1: President Trump's volatile policy directives and his rhetoric have sparked

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Speaker 1: criticism from former US Treasury Secretary Larry Summers. Summers said

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Speaker 1: Trump's actions pose the biggest risk to the dollar's dominance

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Speaker 1: in the world economy in a half century, and Summers

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Speaker 1: is alarmed about the consequences of Trump's rhetoric toward other countries,

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Speaker 1: which he believes is causing capital to flow out of

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Speaker 1: dollars and into Europe and China. Here is Summer speaking

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Speaker 1: earlier to Bloomberg.

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Speaker 5: These tariffs are a self inflicted supply shock wound higher prices,

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Speaker 5: less competitiveness because businesses are having to pay more for

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Speaker 5: all their inputs, and because they have to pay higher prices,

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Speaker 5: less purchasing power for consumers, which means fewer jobs down

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Speaker 5: the road.

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Speaker 1: That is Bloomberg contributor Larry Summers. Incidentally, today the dollar weekend,

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Speaker 1: with the Bloomberg Dollar Spot index dropping one percent. The

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Speaker 1: British chip designer ARM Holdings has agreed to provide chip

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Speaker 1: designs and technology to Malaysia over the next decade. Malaysia

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Speaker 1: will pay ARM two hundred and fifty million dollars over

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Speaker 1: ten years for semiconductor related licenses and related know how.

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Speaker 1: Here is ARM CEO Renee Has speaking about the deal.

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Speaker 4: Semiconductors are complicated, and our ecosystem has really changed a lot.

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Speaker 4: You're seeing many more governments getting involved in strategy and initiatives.

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Speaker 4: Just look at the US Chips Act. So I think

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Speaker 4: what you're seeing today from the Malaysian government is a

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Speaker 4: very significant step in terms of tripet charging and hickstarting

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Speaker 4: an ecosystem.

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Speaker 1: That was Renee Has, the CEO of ARM Holdings. This

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Speaker 1: deal could help add one percentage point to Malaysia's GDP.

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Speaker 1: Malaysia is aiming to create as many as ten chip

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Speaker 1: companies with total annual revenue of as much as twenty

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Speaker 1: billion dollars. And that is news when you want it

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Speaker 1: with Bloomberg News. Now, I'm Doug Prisner, and this is

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Speaker 1: Bloomberg